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NCCI proposes comp rate increase for South Carolina

Posted On: Jun. 3, 2015 12:00 AM CST

The National Council on Compensation Insurance Inc. has filed to increase South Carolina's workers compensation loss cost rates by 1.9% beginning Sept. 1.

The proposed overall 1.9% increase is partly due to a rise in the state's average weekly wage and an 8.4% increase in lost-time claim severity in 2012, Boca Raton, Florida-based NCCI said at its South Carolina Advisory Forum presentation on Thursday.

While indemnity benefits in the state make up 52% of total benefit costs, medical benefits make up 48%, according to NCCI. Countrywide, however, indemnity benefits constitute 41% of total benefit costs and medical benefits constitute 59%.

Meanwhile, insurers reported an improved combined ratio of 100% in South Carolina in 2013, down from 104% in 2012 and 114% in 2011, according to NCCI.

South Carolina last month became the fourth state to weight opt out legislation.